India-UK FTA to boost electronics, digital services, advanced manufacturing exports: Industry leaders

New Delhi [India], July 15 (ANI): The India-UK Comprehensive Economic and Trade Agreement (CETA), which came into force on Wednesday, is expected to create significant opportunities across electronics, semiconductors, digital services, advanced manufacturing and financial services, with industry leaders saying the pact will strengthen supply chains, boost exports and deepen the strategic partnership between the two countries.
Rajan Bharti Mittal, Vice Chairman of Bharti Enterprises, welcomed the implementation of the agreement, calling it a landmark milestone that reflects the growing strength of India-UK economic ties.
"I congratulate the Governments of India and the United Kingdom on the coming into force of the India-UK Comprehensive Economic and Trade Agreement. This landmark agreement reflects the strength of our partnership and opens new opportunities for trade, investment, technology and innovation," Mittal said.
He added that the agreement would improve market access for businesses while strengthening global value chains and encouraging collaboration across advanced manufacturing, the digital economy, financial services, education and clean technologies.
"Having had the privilege of serving as President of FICCI, I have always believed that closer economic engagement between India and the United Kingdom can unlock significant opportunities for businesses and investors," he said. "The Agreement will enhance market access, strengthen global value chains and deepen collaboration in advanced manufacturing, digital economy, financial services, education and clean technologies. It is an important step towards strengthening the India-UK strategic partnership, advancing sustainable economic growth and shared prosperity."
Echoing similar views, Amrit Manwani, Chairman and Managing Director of Sahasra Group, said the agreement would provide a major boost to India's electronics manufacturing ecosystem by expanding export opportunities for electronic products, components and semiconductors.
"This is a landmark agreement which will help our country not only to export our electronic products, electronic components, semiconductors and electronic sub-assemblies, but will also support exports in software like AI, FinTech and other digital services," Manwani said.
He noted that the agreement would also benefit British manufacturers by enabling them to source Indian electronic components and sub-assemblies for their finished products, creating a mutually beneficial partnership.
"It is a win-win situation for both countries. As I see it, it is not just a trade agreement, but it is a significant shift towards integrating in the digital space because both our economies are moving towards a digital economy, and it will help both nations to grow in that direction," he said.
Manwani further said that recent policy initiatives to promote semiconductor manufacturing in India have strengthened the country's competitiveness.
"After a push from PM Modi, we are seeing some traction taking place in terms of semiconductor manufacturing. The Indian industry, through its competitiveness, qualitative product offering and engineering talent, will be able to compete on a global scale," he said.
He added that the agreement would help Indian companies integrate more deeply into global supply chains, including those linked to the UK, and create new opportunities to expand exports of electronics and semiconductors to Britain as well as other international markets. (ANI)